On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000 3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash $125,000 Purchases $4,100,000 Accounts Receivable 340,000 Purchases Returns and Allowances 32,000 Merchandise Inventory, July 1, 2018 415,000 Purchases Discounts 13,000 Estimated Returns Inventory 25,000 Freight In 45,000 Office Supplies 9,000 Sales Salaries Expense 580,000 Prepaid Insurance 18,000 Advertising Expense 315,000 Land 300,000 Delivery Expense 18,000 Store Equipment 550,000 Depreciation Expense-Store Equipment 12,000 Accumulated Depreciation-Store Equipment 190,000 Miscellaneous Selling Expense 28,000 Office Equipment 250,000 Office Salaries Expense 375,000 Accumulated Depreciation-Office Equipment 110,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Customer Refunds ayable 20,000 Office Supplies Expense 5,000 Salaries Payable 9,000 Depreciation Expense-Office Equipment 4,000 Unearned Rent 6,000 Miscellaneous Administrative Expense 16,000 Notes Payable 50,000 Rent Revenue 32,500 Amy Gant, Capital 820,000 Interest Expense 2,500 Amy Gant, Drawing 275,000 Sales 6,590,000 3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does require an entry, leave it blank. Account Debit Credit June 30 Merchandise Inventory v Estimated Returns Inventory v Sales v Purchases Returns and Allowances v Purchases Discounts v Rent Revenue v Merchandise Inventory v Purchases v Freight In v Sales Salaries Expense v Advertising Expense v Delivery Expense v Depreciation Expense-Store Equipment v Miscellaneous Selling Expense v Office Salaries Expense Rent Expense v Insurance Expense v Office Supplies Expense v
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows:
Cash
$125,000 Purchases
$4,100,000
Accounts Receivable
340,000 Purchases Returns and Allowances
32,000
Merchandise Inventory, July 1, 2018
415,000 Purchases Discounts
13,000
Estimated Returns Inventory
25,000 Freight In
45,000
Office Supplies
9,000 Sales Salaries Expense
580,000
Prepaid Insurance
18,000 Advertising Expense
315,000
Land
300,000 Delivery Expense
18,000
Store Equipment
550,000 Depreciation Expense-Store Equipment
12,000
Accumulated Depreciation-Store Equipment
190,000 Miscellaneous Selling Expense
28,000
Office Equipment
250,000 Office Salaries Expense
375,000
Accumulated Depreciation-Office Equipment
110,000 Rent Expense
43,000
Accounts Payable
85,000 Insurance Expense
17,000
Customer Refunds
ayable
20,000 Office Supplies Expense
5,000
Salaries Payable
9,000 Depreciation Expense-Office Equipment
4,000
Unearned Rent
6,000 Miscellaneous Administrative Expense
16,000
Notes Payable
50,000 Rent Revenue
32,500
Amy Gant, Capital
820,000 Interest Expense
2,500
Amy Gant, Drawing
275,000
Sales
6,590,000
Transcribed Image Text:3. Prepare the closing entries for Simkins Company as of June 30, 2019 in the order as presented in the chapter. For a compound transaction, if an amount box does
require an entry, leave it blank.
Account
Debit
Credit
June 30
Merchandise Inventory v
Estimated Returns Inventory v
Sales v
Purchases Returns and Allowances v
Purchases Discounts v
Rent Revenue v
Merchandise Inventory v
Purchases v
Freight In v
Sales Salaries Expense v
Advertising Expense v
Delivery Expense v
Depreciation Expense-Store Equipment v
Miscellaneous Selling Expense v
Office Salaries Expense
Rent Expense v
Insurance Expense v
Office Supplies Expense v
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
4. What would be the net income if the perpetual inventory system had been used?
Solution
by Bartleby ExpertRecommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education